Manama, August 1 (BNA) The Ministry of Housing and Urban Planning held a press conference today, Monday, at the Isa Cultural Center, to announce the launch of new housing finance programs. The Cabinet had previously approved the programmes.
The Minister of Housing and Urban Planning, Her Excellency Amna bint Ahmed Al Ramahi, affirmed during the conference the government’s commitment to continue efforts in formulating innovative housing solutions for citizens, in line with the comprehensive development plan led by His Majesty King Hamad bin Isa. Al Khalifa.
She explained that the new housing finance programs come within the framework of the ministry’s plans to implement the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, to increase the beneficiaries of the housing benefits program with more benefits. 500 this year, along with offering more financing options for housing services.
Minister Al-Rumaihi explained that the ministry is about to launch new financing programs in cooperation with the Housing Bank and many other banks. She explained that the new program, nicknamed “Tas’heel”, will provide three different financing options: “Real Estate Facility”, “House of Oud Facility” and “Cooperation Facility”. It also added new features to the Mazaya program in addition to providing existing housing services.
The Minister of Housing and Urban Planning added that the “Tas’heel” program will increase the minimum funding limit from 19 thousand dinars to 40 thousand dinars, with an increase in the maximum limit from 60 thousand dinars to 70 thousand dinars, with no increase in deductions for payments, which is the amount. 25% of the beneficiary’s income. It also stated that the new features of the Mazaya program will increase the maximum age of beneficiaries to 40 years.
Al-Rumaihi explained that all necessary measures have been taken to receive funding requests as of Monday, August 1, 2022, through the national portal (Bahrain.bh).
For his part, the Director General of the Housing Bank, Dr. Khaled Abdullah, stated that in order to benefit from the “Tas’heel” program, the applicant must be Bahraini, between the ages of 21 and 50, and residing in Bahrain. He has not benefited from any housing service before, and with a monthly income between 320 and 1200 BD. He added that the Ministry of Housing and Urban Planning reserves the right to exclude the minimum monthly income requirement in special cases.
Dr. explained. Khaled that the “real estate facility” program provides individual financing, while the “house of oud facility” is dedicated to financing housing services on plots of land owned by relatives, and a “cooperation facility” for crowdfunding. . He added that the services provided in these programs include building a housing unit, purchasing a housing unit, purchasing a plot of land, purchasing a building, building on it, adding an existing property, purchasing a plot of land and building on it. He said the ownership of real estate and common shares would be transferred to the bank or pledged as financial security.
The Director General of the Housing Bank added that the new “Mazaya” program has raised the age of benefit to 40, with a financial ceiling set according to the age of the applicant. This is in addition to the current Mazaya services of purchasing a residential unit worth up to 120,000 BD and financing up to 81,000 BD.
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